As Pantheon Resources PLC kicked off fresh work on its Kodiak discovery, in Alaska, Zeus Capital is describing the newly-commenced seismic reprocessing as the first step towards an appraisal well that could add momentum to the company’s farm-out conversations.
In a note, Zeus highlighted that reprocessing had begun on the northwest part of Kodiak, in an area updip of the Theta West-1 discovery drilled in 2022, with Pantheon targeting an appraisal well, Theta West-2, to help prove up resources. The broker noted Theta West-2 could be drilled in the winter of 2026/27, setting up a runway of potential newsflow first from seismic work and later from the farm-out process.
Zeus framed Kodiak as the larger headline asset within Pantheon’s portfolio, noting the discovery sits east of Ahpun and is assessed to contain around 1.2bn barrels of recoverable liquids. The broker also said prospective JV partners have tended to focus more on Kodiak given its size, while flagging the potential strategic angle of Kodiak gas volumes in the context of the mooted Alaska LNG export project.
Alongside Kodiak, Zeus said Pantheon is still working through the next steps at Ahpun after the Dubhe-1 well. The flow testing programme was suspended in December 2025, and Zeus said Pantheon now expects to run a pressure build-up test - potentially shutting in the well until mid-2026 - before resuming flow testing using an ESP to speed well clean up. Zeus made no change to forecasts and kept its valuation unchanged, saying it values the shares in line with its 49p total risked NAV.